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Profit Before Tax Increased by Almost 107%
Earnings per Share Amounted to Approximately RMB15.3 Cents |
HONG KONG, Mar 27, 2013 - (ACN Newswire) - The board of directors (the "Board") of Huadian Fuxin Energy Corporation Limited ("Huadian Fuxin" or the "Company") is pleased to announce the audited consolidated interim results of the Company and its subsidiaries (together, the "Group") for the twelve months ended 31 December 2012 (the "Reporting Period").
Results Highlights
For the twelve months ended 31 December 2012:
-- The revenue amounted to RMB9,606.6 million, representing an increase of 32.0% over the corresponding period of 2011.
-- Profit before taxation amounted to RMB1,545.9 million, representing an increase of 106.8% over the corresponding period of 2011.
-- Profit attributable to the equity owners of the Company amounted to RMB1,040.5 million, representing an increase of 83.9% over the corresponding period of 2011.
-- Earnings per share amounted to approximately RMB15.26 cents, representing an increase of 61.8% over the corresponding period of 2011.
-- The Board recommended to distribute a final dividend of RMB0.289 per 10 shares in cash.
In 2012, leveraging the Group's advantage of "mixed portfolio of hydropower and coal-fired power", the Group strengthened its production and operation under better management. The Group strived to expand its source of revenue, reinforce cost control and improve the core competitiveness and profitability by increasing power generation, raising tariff and controlling coal price. Its hydropower, wind power, coal-fired power and other clean energy have become profitable and a significant growth was recorded in its overall results as compared with the corresponding period of 2011. Gross generation was 23,892,049.4 MWh, representing an increase of 37.9% over the Corresponding Period of 2011. Within the Reporting Period, the revenue amounted to RMB9,606.6 million, representing an increase of 32.0% over the corresponding period of 2011; profit before taxation amounted to RMB1,545.9 million, representing an increase of 106.8% over the corresponding period of 2011; profit attributable to the equity owners of the Company amounted to RMB1,040.5 million, representing an increase of 83.9% over the corresponding period of 2011; earnings per share amounted to approximately RMB15.26 cents, representing an increase of 61.8% over the corresponding period of 2011.
For hydropower business, in 2012, the Group recorded gross hydropower generation of 9,038,437.6 MWh, representing an increase of 57.7% over the corresponding period of 2011; the average on-grid tariff was RMB275.3/MWh, representing an increase of 7.2% over the corresponding period of 2011. The Company took advantage of the prosperous opportunity brought by the higher level of precipitation this year, leveraged its forecasting system and key reservoirs and strengthened its comprehensive river dispatch, further enhancing the utilization of hydropower. For the twelve months ended 31 December 2012, the accumulated levels of precipitation of the seven key reservoirs amounted to 2,120.0 mm, which was 22.0% higher than the average figure of the past years, and was 59.0% higher over the corresponding period of 2011, while the average hydropower utilization hours were 4,065 hours, which rose by 57.4% over the corresponding period of 2011.
For wind power business, in 2012, the Group also continued to optimize the layout of wind power projects with a focus on the quality development, at the same time, the Group proactively propelled the advancement and innovation of wind power technologies to ensure its leading position in the industry, and several national and industrial standards undertaken by the Group were accomplished and passed review successively. In 2012, the Group recorded gross wind power generation of 4,302,678.9 MWh, representing an increase of 38.6% over the corresponding period of 2011.
For Coal-fired power business, in 2012, the Group recorded gross coal-fired power generation of 9,765,482.0 MWh, representing an increase of 21.4% over the corresponding period of 2011. While the electricity demand was declining in 2012, the Company proactively implemented marketing activities for sales of electricity and, at the same time, strengthened the operation management of its equipment. In the Reporting Period, the Group has two generating units with an aggregate capacity of 600 MW which had completed and commenced operation by the end of 2012. It is anticipated that the acquisition of two generation units from Kemen II with an aggregated capacity of 1,200 MW will be completed in 2013.
For distributed energy and other clean energy projects, leveraging on our experience and advantages obtained from the development of the Guangzhou University Town project, we have acquired a considerable number of quality pipeline projects in distributed energy sector for future development. During the Reporting Period, the consolidated installed capacity commenced operation and the consolidated installed capacity under construction of the distributed energy projects of the Group amounted to 156.0 MW and 207.0 MW respectively; the capacity of advanced pipeline projects, intermediate pipeline projects and early pipeline projects were 488.0 MW, 1,582.0 MW and 5,549.0 MW, respectively. During the Reporting Period, we also held 39.0% equity interests in four 1,000.0 MW nuclear power generating units under construction; the solar power projects of the Group had a consolidated installed capacity of 127.4 MW, with a consolidated installed capacity under construction of 100.0 MW.
Looking ahead, the Chairman of Huadian Fuxin, Mr. Huang Xianpei is confident about the prospects of the Group, "Following the introduction and filtering through of policies and measures in respect of 'maintaining economic growth' by the PRC government, the overall electricity consumption is expected to rally in 2013 in the PRC. As a leading clean energy company, the Group possesses a diversified portfolio of power generating assets, which has not only enabled us to broaden our growth prospects and benefited from various favorable government policies that encourage the development of different clean energy projects, but has also created synergies among different power generating assets and allowed us to diversify risks while maximizing profit and grasping opportunities for broader development."
Topic: Press release summary
Source: Huadian Fuxin Energy Corporation Ltd.
Sectors: Daily Finance, Energy, Alternatives, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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